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Victoria Real Estate News and Resources

News

Victoria Real Estate News

Purchasing your first home can be a daunting and often stressful time. But let’s say for arguments sake that it should also be exciting, fun, and one of the most memorable moments in your life. What can I say, I love Real Estate! Each transaction brings a different challenge, each person craves their dream home and you and your partner may not see eye to eye on everything. Compromise and vision are both so important.
Ask yourself why do you want to be a homeowner? Is it to turn those rent cheques into mortgage payments, or do you yearn for the freedom of your own space. So as a First Time Home Buyer, what are the most important things to look for?

Let’s take a look at these top 7 tips when purchasing your first home.

Mortgages – Insured vs Uninsured

As of January 1st, 2018, Canadian Home Buyers will have to endure stricter guidelines when applying for a mortgage, be it insured or uninsured.

We already have these in place for insured mortgages (those with less than 20% down payment) but now we are going to see this with uninsured mortgages too, and Canadians will have to qualify for a mortgage that is 2 percent higher than that which they are applying for. With a high rate of uninsured mortgages (around 45%) this could potentially rock the market.

But first let’s have a look at what it means to be insured or uninsured.

6 Desirable and 5 Undesirable features of Location, Location, Location

The golden rule when talking about investing in real estate is Location, Location, Location, but what exactly does it mean? Well, to put it simply, you can have two identical homes in different areas which have completely different prices! Let’s have a look at some of the factors involved when choosing the area you want to live in.